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Published on: 01/09/2022
QB365 provides a detailed and simple solution for every Possible Creative Questions in Class 12 Accountancy Subject - Retirement and Death of a Partner, English Medium. It will help Students to get more practice questions, Students can Practice these question papers in addition to score best marks.
Download Tamil Nadu 12th Standard Accountancy question papers, model tests, one-mark questions, important questions, and public exam papers in PDF format. Free study materials and answer keys for TN State Board students.
Questions + Answers key
Take MCQ Accountancy Test

1.
The section related to the retirement of partner in Indian partnership Act is _____________
30(a)
31(1)
21(c)
20(a)
2.
Gaining ratio will be calculated by ____________
New ratio minus old ratio
Old ratio minus new ratio
Old ratio minus sacrificing ratio
Old ratio minus new ratio
3.
When the values of liabilities increases, it results in _____________
Profit
Loss
Income
Expenses
4.
A, B and C are sharing profits in the ratio of 2/5: 2/5:1/5. C retired, from business and his share was purchased equally by A and B. Then new profit sharing ratio shall be ____________
A-1/2 and B-1/2
A-3/S and 2/5
A-2/S and B-3/S
A-2/S and B-1/5
5.
If the goodwill account is raised for 50,000, the amount is debited to ____________
The capital accounts of partners
Goodwill account
Cash account
Loan account
6.
At the time to retirement Balance Sheet items like profit and loss account and General reserve must be transferred to ___________
Revaluation Alc
Partners capital A/c
Both 'a and 'b'
None of the above
7.
At the time of retirement of a partner, calculation of new profit ratio is __________
Compulsory
Optional
Necessary
Not necessary
8.
At the time of retirement of partners, the existing partners stand to ____________
Gain
Loss
Income
None of these
9.
The policy amount received from the insurance company is used to settle the amount due to the __________
Increased partner
Deceased partner
Partnership at will
Partnership deed
10.
In both types of policies, the insurance premium is paid by the _____________
Sole tradership
Partnership firm
Hindu undivided family
None of these
11.
The settlement is to be done in the manner prescribed in the ___________
Partnership-at-will
Partnership deed
Both 'a' and 'b'
None of the above
12.
The profit or loss arising therefrom is transferred to the capital accounts of all the partners in the _____________
New profit sharing ratio
Old profit sharing ratio
Gaining ratio
Sacrificing ratio
13.
A partner who retires from the firm is called an __________
Outgoing partner
admitted partner
death of a partner
none of these
14.
The firm is reconstituted and other partners continue the partnership firm with a new __________
Contract
agreement
start business
none of these
15.
When a partner leaves from a partnership firm, it is known as __________
Admission
Retirement
dissolution
death
1.
(b)
31(1)
2.
(a)
New ratio minus old ratio
3.
(b)
Loss
4.
(a)
A-1/2 and B-1/2
5.
(b)
Goodwill account
6.
(b)
Partners capital A/c
7.
(c)
Necessary
8.
(a)
Gain
9.
(b)
Deceased partner
10.
(b)
Partnership firm
11.
(d)
None of the above
12.
(b)
Old profit sharing ratio
13.
(a)
Outgoing partner
14.
(b)
agreement
15.
(b)
Retirement
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